Nvidia lost about $430 billion in market value over two trading sessions as pressure grows in Washington for CEO Jensen Huang to resign over his ties to a businesswoman whom, according to reports, US intelligence agencies consider a Chinese spy. In crypto, short-term Bitcoin (BTC) holders sent about $3.6 billion in BTC to exchanges, nearly all of it at a loss.
Nvidia loses $430 billion and faces a shareholder lawsuit
The stock closed at $168.89 on November 10, down 5.5%, after a 4.3% drop on Monday, November 9. The loss from Friday's close is about 9.5%, and all of the stock's 2026 gains are gone. On November 11, the shares traded at $175.23 before the market opened, up 3.8%.
The board opened an independent investigation on Sunday, November 8. Its independent members handed the probe to Joon Kim, a former deputy prosecutor for the Southern District of New York, and the law firm Wachtell, Lipton, Rosen & Katz. Nvidia said it has no reason to believe national security or company secrets were compromised. According to the New York Times, the investigation began after Huang admitted to the board that he had a close relationship with Alice Huang, who is not related to him. In an email to staff, Huang apologized for being unfaithful to his wife, without naming the person.
Senator Kevin Cramer, a member of the Senate Banking Committee, asked Huang to resign, citing the risk of blackmail. Larry Kudlow made the same call on Fox Business, without accusing him of anything. House Foreign Affairs Committee Chairman Brian Mast said he is ready to subpoena Huang if he does not answer by Wednesday a request for a closed briefing on November 18, the day after the quarterly results. Donald Trump said Huang told him he did not know the woman was a spy, and that the FBI is looking into the matter. China rejects the accusations as "groundless smears." Alice Huang was a controlling shareholder of Megaspeed, an Nvidia customer in Singapore that has faced scrutiny over whether it helped Chinese companies obtain chips under export restrictions. There is no public finding of a rules violation.
On November 9, shareholder Mark Kistenmacher filed a proposed class action in federal court in Northern California, represented by Rosen Law Firm. It accuses Nvidia and Huang of misleading statements about dealings with Megaspeed and seeks damages for investors who bought shares from October 9, 2025 to November 8, 2026. The allegations have not been tested in court.
For us, the next test is Nvidia's earnings on November 17. If the company reports good numbers, we expect the market to largely forget the affair, while with weak results we see a possible resignation of the CEO. This is our own view.
Short-term Bitcoin holders send $3.6 billion to exchanges at a loss
According to CryptoQuant, about 47,300 BTC moved to exchanges below their acquisition price over 24 hours, against only 1,100 BTC at a profit. Total inflows reached about 48,500 BTC, or $3.6 billion at a price near $74,000. Analyst Amr Taha identified two large waves: 50,790 BTC on November 3 and 46,060 BTC on November 10, when the ratio was about 27 BTC at a loss for every 1 BTC at a profit.
The data shows transfers, not completed sales. A deposit can be made for trading, collateral or other services. Short-term holders are defined as those who have held Bitcoin for less than 155 days. Bitcoin has been falling from highs above $85,000 in late September. Glassnode also identifies about 4 million BTC held by long-term investors who acquired it between $85,000 and $118,000.
We explain the fact that stocks recovered while Bitcoin stays below our resistance this way: there is no appetite for buying. Outflows from Bitcoin ETFs, the institutional pulse of the market, have continued for five days. On November 11 they closed at about $300 million, with BlackRock at $269 million. For us, the "weak hands" are selling, and at a loss.
LNbits issues an emergency update after Bitcoin thefts
The Bitcoin Lightning wallet platform LNbits released version 1.7.0 on Tuesday, November 10, which it calls critical. The release strengthens authentication, extension management and payment handling. The vulnerability affects all versions before 1.7.0. On Sunday, November 8, the project first asked users to disable the Paywall extension and shortly afterward to shut down their servers immediately, after taking its own installations offline.
The update alone does not protect installations whose credentials were already exposed. Administrators must rotate wallet keys and funding-source credentials. One user, Kevin Ravensberg, said he lost about 2.3 million satoshis (0.023 BTC). LNbits has not yet described the exploit or how many users were affected, and promises a separate report. For us, this is one more crypto wallet with a security problem.
Suiet shuts down as activity on Sui declines
The self-custodial wallet Suiet is ending updates and support, with its API services expiring after November 14. Sui's TVL was about $413 million on November 11, down more than 22% in a month according to DefiLlama. Daily active users fell from 601,000 in November 2025 to about 128,000 in October, a 79% drop, based on Token Terminal data. Transactions rose to 324 million from 101 million.
Before Suiet, the hardware wallet Suiball announced its closure on November 10, and Phantom ended Sui support in September. Kadan Stadelmann, a former CTO of Komodo Platform, attributes the problems to economics rather than a flaw in the protocol. Sui has had four outages this year, totaling about 22 hours. For us, Sui is losing another project from its ecosystem at a time when things are not going well.
In brief
Pyth Network: The oracle added NYSE BQT data to its data marketplace, with real-time prices for stocks and ETFs from the five NYSE Group exchanges. Customers must first get a license from the NYSE, and its rules apply as usual. We comment that it makes no sense to ask the exchange for a license for data Pyth already has.
The market
Bitcoin is trading near $73,000.